Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,154.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 180,886 shares of the semiconductor manufacturer’s stock after buying an additional 166,464 shares during the quarter. Broadcom makes up 3.2% of Sawgrass Asset Management LLC’s holdings, making the stock its 6th biggest position. Sawgrass Asset Management LLC’s holdings in Broadcom were worth $31,203,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Swedbank AB increased its stake in shares of Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Broadcom by 917.8% during the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock worth $2,203,837,000 after buying an additional 11,453,554 shares during the period. Raymond James & Associates lifted its position in shares of Broadcom by 855.4% during the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after buying an additional 11,347,563 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Broadcom by 908.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer’s stock valued at $1,962,029,000 after buying an additional 10,245,786 shares in the last quarter. Finally, National Pension Service grew its stake in Broadcom by 1,045.4% in the 3rd quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer’s stock valued at $1,427,120,000 after acquiring an additional 7,550,878 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. UBS Group boosted their price objective on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Benchmark reiterated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $165.35 on Wednesday. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The business has a fifty day moving average of $173.68 and a two-hundred day moving average of $159.82. The stock has a market cap of $772.28 billion, a price-to-earnings ratio of 143.78, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the company earned $0.95 EPS. The company’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 184.35%.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.